Roth Capital analyst Darren Aftahi lowered his price target for Stamps.com to $35 from $78 saying that while the company beat Q1 estimates, commentary around augmentation of unit economics of its reseller partners resulted in lowered guidance again, with likeliness of reduced spreads in 2020 and again in 2021. In short, the analyst notes that the super high-margin business that made the USPS-relationship so attractive for Stamps.com investors, has pivoted so quickly, that the uncertainty of CF over the next 2-3 years is "extremely unclear." With risk remaining high, he reiterates a Sell rating on the shares.